Problem 23-3 Novak Company has not yet prepared a formal statement of cash flows for the 2017 fiscal year. Comparative balance sheets as of December 31, 2016 and 2017, and a statement of income and retained earnings for the year ended December 31, 2017, are presented as follows. NOVAK COMPANY STATEMENT OF INCOME AND RETAINED EARNINGS FOR THE YEAR ENDED DECEMBER 31, 2017 ($000 OMITTED) Sales revenue $3,760 Expenses Cost of goods sold Salaries and benefits Heat, light, and power Depreciation Property taxes Patent amortization Miscellaneous expenses Interest $1,220 710 70 80 20 20 10 30 Income before income taxes Income taxes Net income Retained earnings-Jan. 1, 2017 2,160 1,600 800 800 330 1,130 620 Stock dividend declared and issued